Step 1: Analyze the light passing through polarizers.
When unpolarized light passes through a polarizer, the intensity is reduced by half:
\[
I_1 = \frac{I_0}{2}
\]
Next, the light passes through a quarter-wave plate with its optical axis at 45° to the polarization axis of \( P_1 \). A quarter-wave plate changes the polarization of the light without affecting the intensity. After passing through the quarter-wave plate, the light remains polarized but is now at a 45° angle to its original polarization direction.
Step 2: Analyze the second polarizer.
The second polarizer \( P_2 \) has its axis perpendicular to the initial polarization direction of the light. As the light enters the second polarizer, the intensity is reduced by a factor of \( \cos^2(45^\circ) \). Therefore, the intensity after passing through \( P_2 \) is:
\[
I = \frac{I_0}{2} \cos^2(45^\circ) = \frac{I_0}{2} \times \frac{1}{2} = \frac{I_0}{4}
\]
Step 3: Conclusion.
Thus, the ratio \( \frac{I_0}{I} \) is:
\[
\frac{I_0}{I} = 4
\]